You will be able to plan for successful repayment of your education loans by understanding your debt, realizing your limitations, and being prepared for your financial prospects.

Commission Finalizes Report

Washington, D.C. - After 11 grueling months, eight meetings, and numerous emails, the Commission on the Future of Higher Education has finally agreed to send their final report to U.S. Education Secretary Margaret Spellings.

The Commission, formed by Spellings, is comprised of a diverse and influential membership. The final report provides recommendations to the White House and state government on how to make higher education more accessible, affordable, accountable, and globally competitive.

However, the report's influential power has been greatly weakened by the criticism surrounding it. After blaming educational ills on universities, the first draft drew heated responses from many higher education organizations. The final draft maintains, albeit with delicate wording, its original point: that universities' high spending is responsible for decreased college enrollment.

David Ward, president of the American Council on Education, was the sole dissenter among 18 proponents of the report. He argued that the report singled out expensive colleges as the culprit when, in actuality, there are many other contributing factors that explain the drop in college enrollment. The report took on a "one size fits all" approach to improving a highly diverse educational system.

Ward continued, "Change in higher education is needed, but we need to get it right and, above all, do no harm. I believe I can be more effective in this continuing dialogue if I am free to contest some aspects of this report."

Robert M. Zemsky, chairman of the Learning Alliance for Higher Education, voted in support of the bill but harbored similar concerns regarding the report. Concurring with Ward, Zemsky argued that the report should not focus on higher education's flaws. Rather, recommendations should build on its strengths.

Zemsky acknowledged a great number of "people who are hostile" and "no longer believe" in the Commission. Blaming colleges for educational problems has created great animosity, "so [that] we have more than heavy lifting to do. We have trust building as well."

By concentrating on the faults of educational institutions, the report neglected to address other pressing matters. While colleges hike up tuition prices, the government has decreased the amount of student financial aid.

Unable to afford college, many students are taking out large loans. The report did not recommend improvements to the student loan industry, thus allowing the burden of student debt increase further.

In an attempt to cut college administrative costs and reduce tuition, several organizations have suggested the removal of standardized testing, but the Commission has left this concern unaddressed.

The final report did, however, recommend a unit-record tracking system, which would gather information on individual students. Complaints have been filed to Commission Chairman, Charles Miller, citing student-privacy complications.

Other relevant issues that were not sufficiently addressed include grade inflation, faculty tenure, and improvements to graduate education.

Despite the many complaints revolving around the report, there are a few positive points worth highlighting. The report recommended that the federal government consolidate all its financial aid programs and increase Pell Grants to account for 70 percent of in-state tuition costs.

Also, in response to criticism, the final draft removed a recommendation that only allowed low-income students to obtain federally backed student loans, thus forcing some students to take out more expensive private loans.

It seems that Spellings has gotten the "national debate" she wanted. After the Commission had approved the final draft on Thursday, Spellings said, "I will review findings, determine appropriate actions, and continue this national dialogue."

Several Commission members noted that the hardest part will come in the next couple of months when they try to turn their recommendations into reality. Nonetheless, there are many who wonder whether these recommendations will be implemented.

Ward's prepared statement said, "Despite improvements with each successive draft, there remain several issues of serious concern to me-particularly as I look ahead to the challenges of implementing the report's recommendations, with which I will inevitably be directly involved."

At Law School Loans, America's top law school lender, we employ some of the best financial advisers and finance journalists in the student lending industry. Be sure you're getting the most accurate data from the most trusted source, and stay up-to-the-minute on your own student loans!

Just use the RSS feed below and add this to any of the channels you use to receive blogs, podcasts, and other syndicated material.

The Legal Career Resources column is presented by LawCrossing, America's leading legal job search site dedicated to getting jobs for legal professionals.

On April 3 Senator Edward M. Kennedy (D-MA) introduced legislation that would make sweeping changes to federal financial aid. The bill, given the short name ''Strengthening Student Aid for All Act,'' is intended to ensure students have sufficient access to financial aid, in the forms of both grants and loans.

I just wanted to thank my Loan Specialist, fo helping me get all my student loans consolidated and for being so patient with me. Thanks again. - Rachel S. Baton Rouge, LA

Your Federal Benefits

If you are still in-school, you may reserve your consolidation for graduation with Law School Loans. By signing and returning your application now, you will be guaranteed the current low rates on your consolidation, and you will not have to think about your consolidation again until you enter repayment.

Federal loan consolidations are guaranteed by the government, and they carry the same protections and benefits as your federal student loans.

Newswire

Important interest rate changes, valuable new programs, and everything you need to know about your loans and repayment... sign up for breaking news updates from Law School Loans!

*The final fixed interest rate for your federal loan consolidation loan is calculated as the weighted average of the interest rates on the loans being consolidated rounded up to the nearest one-eighth of a percent. Your exact monthly payment reduction may vary depending on your loan. Law School Loans Financial reserves the right to modify, expand or discontinue this offer at any time without notice.